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An Update on the Market: STILL No Daggone Inventory

The Struggle Is Real, People!

· Historic Fan,Fan District,Real Estate,Richmond,New Listings

Welp. The market in the City of Richmond remains tight.

And when I say "tight," I mean T-I-G-H-T. For some insight, here is what we have currently available in Area 10, William Fox E.S. District. This includes Oregon Hill, the Fan, Randolph, Maymont, Byrd Park, Carytown, the Carillon, and the Museum District. There are 14 total listings. Fourteen. That's it. That's all, y'all. And here are the details.

The least expensive available property as of Tuesday, April 3 at 6 P.M. is in the Fan, 1619 Cary Street, available for $249,950. And let me just say this 1,020SF home is a fixer if ever there was one.

Priced $300,000-$399,999: Three properties, one in Oregon Hill (another fixer), and two in the Museum District.

Priced $400,000-$499,999: Two properties, one in Oregon Hill and a one at a new construction modern rowhouse project, the Meridian, in the Museum District.

Priced $500,000-$599,999: ONE brand new Fan listing, active as of today, at 100 N. Harvie Street. Offered at $585,000. I bet you money it will be under contract by no later than Thursday. Today is Tuesday.

Priced $600,000-$699,999: Three listings, all in the Fan, priced between $650,000 and $699,950.

Priced $700,000-$799,999: NOTHING.

Priced $800,000-$899,999: Two listings, both in the Fan.

Priced $900,000-$999,999: NOTHING.

Priced $1M+: Two properties, one a "regular" house in the Fan at 2602 Stuart Avenue, priced at $1,050,000. The other is the former Maury Place bed and breakfast in the Museum District, which is available for $2,195,000, if you buy both the main house ($1,595,000) and the adjacent parcel with two additional living quarters and a pool ($600,000).

That's it, folks. Nothing else. Like I am not even kidding when I say NOTHING else. Nothing. And the problem is there are tons of buyers. Lots and lots of buyers. These are ready, willing and able buyers, prequalified, many of them with nothing to sell. And it is frustrating. Like really, really frustrating, and stressful, and all kinds of not fun. Especially if you are a first time buyer and you don't have cash.

I keep wondering where the sellers are. I mean, sellers right now can write their own ticket. For the last three sellers I represented, one received an all cash, no contingencies offer over asking on the first day the property was on the market, and the other two received multiple offers with escalation provisions, including an all cash, no contingencies offer for $50,000 more than the list price. CRAZY.

Here's the thing. We **know** the market is desperate for inventory right now. We don't know what the market will look like in the Fall, or next year, or in 2020. So why not make the move when you know as a seller you will have maximum leverage?

If you are someone who thought they might want to downsize, even if your intention was to do it in a year or two, you should consider selling now. If you were thinking about moving out of the City to the suburbs for a bigger house and more room, you should consider selling now. Interest rates are still quite low, but they will be going up, not down. If you own in one of these highly desirable City locations, you can write your own ticket. Worried about finding a place to move to? No problem! We'll negotiate a lengthy rent back for you.

I am not even kidding. If you are anywhere in the City, and you have been thinking about selling, please, please, give us a call. We can sell your house, I promise.

And our buyers would really, really thank you. :)

- Melissa

Nest Realty Richmond

221 S. Robinson Street

Richmond, Virginia 23220

Cell: (804) 986-3993




Twitter: @mikemelissarva

Instagram: mikemelissarva

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